NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature. The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.
| SPONSOR: | Stockard | DATE TYPED: | 01/25/99 | HB | |||
| SHORT TITLE: | Continuation Statements Signature | SB | 76 | ||||
| ANALYST: | Valenzuela | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY99 | FY2000 | FY99 | FY2000 | ||
| NFI | |||||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
LFC Files
Regulation and Licensing Department analysis
SUMMARY
Synopsis of Bill
Senate Bill 76 would eliminate the need for a secured party in a commercial transaction to obtain the signature of the debtor on a continuation of the original financing statement. These statements are filed with the office of the Secretary of State.
Significant Issues
The bill would remove the administrative burden for both signatories.
FISCAL IMPLICATIONS
There is no appropriation identified in the bill. There will no be fiscal impact from enacting this bill.
TECHNICAL ISSUES
Senate Bill 76 corrects the location of the definition for "Continuation Statement" per Section 56-13-3 NMSA 1978.
MV/prr